GRAND RAPIDS, Mich., July 2 /PRNewswire-FirstCall/ -- BestNet
Communications Corporation (OTC Bulletin Board: BESC), a provider of patented
and proprietary global communication solutions, today announces approval by
its Board of Director to split the Company's outstanding units into the
securities comprising such units. The units are currently traded under the
symbol BESCU. Each unit presently consists of: three shares of common stock;
one share of Series A Convertible Preferred Stock; and one warrant to purchase
a share of common stock at a per share exercise price of $0.30. Each share of
Series A Convertible Preferred Stock is convertible into two shares of common
stock at a conversion price of $.10 per common share. An aggregate of
8,027,186 shares of common stock are issuable upon conversion of the shares of
Series A Convertible Preferred Stock underlying the units. The Company will
receive net proceeds of approximately $802,000 assuming all of the shares of
Series A Convertible Preferred Stock are converted into shares of common
stock.
Each holder's right to split the units into the underlying securities is
contingent upon the conversion of the underlying shares of Series A
Convertible Preferred Stock into common stock on or prior to August 10, 2004.
All units that have not been split by such date will continue to trade as
units on the Pink Sheets.
In order to split the units, each unit holder must comply with the
following steps to receive the five (5) shares of common stock and one (1)
warrant for each unit they choose to split:
1) Investors will contact their broker to indicate their intent to
split their units and convert their preferred stock.
2) The Brokers will transmit the instructions to the Depository Trust
Company.
3) At this time, the Depository Trust Company will collect the funds for
the conversion of the preferred stock.
4) The Depository Trust Company conveys the funds and transaction
information to American Stock Transfer and Trust Co.
5) The five (5) shares of common stock and the one (1) warrant will be
transmitted to the broker.
About BestNet Communications Corp.
BestNet Communications is a global solutions provider of long distance;
conference calling, ClicktoPhone and custom application-based communication
services. BestNet's services are accessed worldwide via the Internet,
standard phones and wireless devices and are delivered using standard phone
lines and equipment. This results in a cost effective high quality service
for both businesses and consumers.
Under the brand name Bestnetcall(TM) (http://www.bestnetcall.com) the patented
services offer subscribers premium quality calls and conference calling, at
significantly lower rates. Calls and conference calls can also be launched
via a desktop application or handheld devices including Palm(TM), Pocket PC(R)
and Blackberry(TM) and used with any standard or wireless phone. In addition
the company's new ClicktoPhone(TM) service (http://www.ClicktoPhone.com) enables
clients to add secure and anonymous voice communication connectivity anywhere
in the world to web sites, web banners, pictures, electronic documents, and
customized e-mail calling buttons.
This release contains forward-looking statements within the meaning of
Section 21E of the Securities Exchange Act of 1934, as amended, which are
intended to be covered by the "safe harbor" created thereby. These statements
include the plans and objectives of management for future operations,
including plans and objectives. The forward-looking statements herein are
based on current expectations that involve judgments with respect to, among
other things, future economic, competitive and market conditions and future
business decisions, all of which are difficult or impossible to predict
accurately and many of which are beyond control of the company. Although the
company believes that the assumptions underlying the forward-looking
statements are reasonable, any one of the assumptions could be inaccurate and,
therefore, can be no assurance that the forward-looking statements included in
this release will prove to be accurate.
SOURCE BestNet Communications Corporation
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Related links:
http://www.bestnetcall.com
CONTACT:
BestNet, +1-616-977-9933,
investors@bestnetcom.com
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